- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-09-30T17:51:00
Audit firm RSM and three of its senior-level employees were charged with improper professional conduct by the Securities and Exchange Commission (SEC) for signing off on inflated revenues logged by a public company over four fiscal years of audits.
RSM failed to properly audit the financial statements of Connecticut-based Revolution Lighting Technology when the latter was violating generally accepted accounting principles (GAAP) from 2015-18 by improperly inflating its revenue with bill and hold sales, according to the SEC.
Without admitting or denying the agency’s findings, RSM will pay a fine of $3.75 million and hire an independent consultant to review its audit, review, and quality control policies and procedures.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
Paul Munter, acting chief accountant at the Securities and Exchange Commission, issued a statement highlighting auditors’ responsibilities in fighting fraud, including his office’s recent observations of shortcomings in the area.
A Connecticut industrial lighting company has been fined $1.25 million by the SEC for falsely booking $55 million worth of sales on its financial statements over four years. Four company executives have been fined as well.
Three months after a U.S. district judge declared Google to be running a monopoly, the Department of Justice recommended the tech giant be forced to sell off its popular Chrome browser as part of an effort to resolve antitrust concerns and reshape the power of tech’s biggest companies.
A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
A publicly traded cryptocurrency mining company will pay $10 million and completely change its business model to one with “lower corruption risk” as part of a settlement over violations of the Foreign Corrupt Practices Act (FCPA), two regulators announced.
